At least two global technology leaders could set up Gigafactories to manufacture lithium-ion cells in India in the next couple of years, and most major Indian firms are setting up energy storage divisions, according to the head of the India Energy Storage Alliance (IESA).

Northvolt, the Swedish battery start-up founded by former Tesla executives, has closed in on two possible sites for its planned multi-gigawatt production facility.

Power equipment manufacturer Wärtsilä has launched hybrid and standalone energy storage systems, targeting areas where it sees “high market potential”, including remote microgrids and solar PV integration.

Swedish start-up Northvolt, which is run by two former Tesla Motors executives, plans to build a huge lithium-ion battery factory in the Nordic region, giving Tesla and Panasonic’s Nevada Gigafactory a close rival within Europe in terms of size.

Electric car maker turned ‘integrated sustainable energy company’ Tesla installed 98MWh of energy storage in the final quarter of 2016, according to its financial results released last week.

Tesla and Panasonic’s Gigafactory in the Nevada desert has now started making high performance cylindrical battery cells of the type used in its stationary storage and forthcoming Model 3.

EV manufacturer and battery specialist Tesla Motors has reported strong results with a return to profit in Q3 this year and expectations of this positive performance to continue into Q4.

Tesla’s second Master Plan will be mostly funded by sales of its vehicles, particularly the new electric vehicle, the Model 3, chief executive Elon Musk said during a soft launch of the enormous ‘Gigafactory’ in Nevada on Tuesday.

Registration opens today for Tesla’s Model 3, the longer range, cheaper electric vehicle (EV) that the company hopes will repeat the success of its existing luxury models.

Tesla boss Elon Musk has claimed that his company is already sold out of stationary storage products for next year before the first ones have even been shipped to customers.